Tag Archive: banks

$71.3 billion bailout for Germany

$25.6 billion bailout for Belgium

$90.12 billion bailout for Britain

$441 billion bailout for Greece

$12.4 billion bailout for Switzerland

$5.2 billion bailout for Denmark

$14 billion bailout for Iceland

$561 billion bailout for Ireland

$100 billion bailout for Russia

All numbers are approximate but when you are talking in increments of billions, does it make much of a difference if you are off by a couple of billion? These are the bailouts that have occurred in the last 12 months (technically last several months). While some of the bailouts are being covered by private investors, the majority of them are being covered by their respective governments. Are we witnessing the collapse of capitalism or can the world economy regain from its drunken composure?


Published: September 30, 1999

In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets — including the New York metropolitan region — will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

read the rest…

Draft of Emergency Economic Stabilization Act of 2008

It’s 110 pages and although it’s not a light read, you can sit and go through it within an hour. I’ll read it and post my thoughts on it later.

Forget McCain and his lack of knowledge about the economy. It appears that no one in Washington wants to comment on all the bailouts. Is it that hard to piece together? I’m understanding that we’re now starting to bailout some non-US banks. What?!!

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Of course, I’m always able to hear the voice of reason – Ron Paul! Oh, but everyone else thinks he’s a crackpot. Well color me crackpot as well!